Info Edge Q4 Review – Growth To Remain Strong, Valuations Full: Motilal Oswal

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Info Edge India Ltd. delivered an inline revenue in Q4 FY22, with a standalone revenue growth of 52% YoY (estimate: 55%). However, Ebitda margin missed our estimate due to higher ad spending in 99acres (up 44% QoQ).

Q4 FY22 saw record billings (Rs 6.5 billion), which was ahead of our estimate, led by Naukri (up 67% YoY).

The management has indicated continued strength in the Naukri business over the near term. As a result, we expect the recruitment vertical to maintain its strong revenue growth in FY23 (FY22-24 revenue compound annual growth rate of 26%), before normalising in FY24 on account of a reduction in attrition in H2 FY23.


Info Edge should see good growth traction in its 99acres vertical on high multiyear demand for Real Estate in India.

Growth should continue to be driven by elevated marketing spends on account of multiple players in the market.

Click on the attachment to read the full report:


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